Boeing, Airbus,Bombardier Aerospace, and Cessna are among the ten manufacturers and sellers of business jets. Because the production of jets requires a sizeable investment, it is difficult to enter this market and the sellers are quite large. Which of the following best describes the market or industry situation in which these companies operate?
A. These businesses operate in a market best described as monopolistic competition.
B. These businesses operate in a market that would best be described as a monopoly.
C. These businesses operate in a perfect competition market.
D. These businesses operate in an oligopoly.
Answer: D
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